Yeah, for such a small country Portugal definitely has some solid stuff....

In spain we have like.... sonisphere ? ok, also have madridisthedark that seems to be consolidated but appart that I don't see anything worth it. A bunch of fails like atarfe/metalway and some old fest that bring in the same (boring) bands every single year (yep, that's leyendas del rock).
Also have alot of local bands moving around and doing little fests and stuff, but it can't even be compared to the real thing.